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Update: CFA Exams in India Back on Calendar

The court granted CFAI's appeal to stay an earlier order by an Indian regulatory body that would have suspended operation of the CFA program in one of the world's largest countries.

The suspension order had threatened plans of some 6,800 CFA candidates within India to sit for one of the three exams on June 3.

The dust-up also threatened to paint a black eye on the Virginia-based CFA Institute (CFAI) that administers the exams, at a time when enrollment is growing more rapidly outside the U.S., and particularly in Asia.

The CFAI, which has trademarked the CFA designation around the world, has conducted a long-running court battle in India and elsewhere to stop a local Indian organization that touts its own rival Chartered Financial Analyst designation. The order from the All India Council for Technical Education (AICTE) appears to be an indirect consequence of that fight.

Posts on AnalystsForum, an online discussion board for CFA charterholders and candidates, express mixed views of whether the CFAI is to blame for the imbroglio and how effectively it's coping with the situation. For instance, a few comments took the institute to task for running afoul of technical education regulations in India, although the institute says it has complied all along.

Some posters worried that the dispute could hurt the value of a CFA designation. But others gloated that candidates and charter holders outside India would face less competition if a large number of potential new CFA holders were prevented from taking the exams until December or later.

The CFA Institute is offering a partial fee refund to candidates registered in India who decided to take the exam in another country, and full refunds to those who end up not taking the exam.

Will this impact U.S. CFAs? Post your comments below.

AUTHORAnonymous Insider Comment
  • Jo
    Jon Jacobs
    4 December 2007

    To ps:
    (i) If Indian courts are anything like US courts, then the best answer anyone could give is, "Don't hold your breath." The next best is, periodically check the CFA Institute's special page for India updates:
    (ii) CFA test preparation is a major industry, both in the U.S. and around the world. There are numerous firms peddling CD-ROMs, books, classes and seminars of varying lengths and intensities, all designed to prepare candidates for CFA exams. Why don't you just Google a phrase like "CFA exam preparation."
    (iii) Obtaining a CFA charter (or passing any of the intervening levels) isn't likely to lead to an immediate "big salary jump." But it can open doors to advancement, either within one's current firm or by jumping to another firm. See http://news.efinancialcaree...

  • ps
    4 December 2007

    can anyone please help with the follow queries
    (i)when is cfa likely to get ok from indian courts?
    (ii) are there any help books required to clear the exams (other than the course material they give)?if yes ; how to obtain them in ludhiana punjab?
    iii)does cfa actually lead to any big salary jumps?

  • ji
    26 November 2007

    Both "Vic" and "Anonymous". Why don't both of you racists shut the hec up? Watch out for Indians. Next thing you know they will be ruling the coveted private equity industry. Then what?

  • ku
    19 November 2007

    Among this tussle, the one's who opted for CFA and midway through are getting hurt. They are in a situation where they neither can leave nor continue with the program.

  • g
    22 August 2007

    since when did 'chartered' become a patented word for the cfai of usa?.. the indian cfa existed for a long time now and is a highly reputed institute on its own albeit within india..

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